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REIT Complaint Against Infinity Financial Advisor Dean Nowak
Winter Park, Florida financial advisor Dean Nowak (CRD# 1091819) allegedly recommended an unsuitable real estate investment trust, according to a pending investor complaint against him. Financial Industry Regulatory Authority records show that he is a broker with Newbridge Securities Corporation and president of Infinity Financial Network.
Mr. Nowak’s BrokerCheck report discloses two investor complaints. The most recent, filed in May 2022, alleges that as a representative of Newbridge Securities Corporation, he breached his fiduciary duty and was negligent in relation to alternative investments. The pending complaint alleges damages of $50,000.
A second investor complaint, filed in April 2020, alleges that as a representative of Taylor Capital Management, Mr. Nowak misrepresented and omitted material facts relating to the features and risks of a fixed annuity and real estate investment trust. The complaint alleges further that he made misrepresentations and omissions specifically regarding “liquidity and the applicable time horizon” of the investments, and that the investments were not suitable. The pending complaint alleges damages of $100,000.
In a statement on the April 2020 pending complaint’s disclosure, Mr. Nowak “vehemently denies” the allegations. “All of the material features and risks of the subject fixed annuity and real estate investment trust — specifically including restrictions on liquidity and the time horizon for each — were fully disclosed to the customers in writing, and the customers acknowledged their understanding of same, in writing,” he wrote, adding further that the customers were “knowledgeable, involved, informed participants and received required legal materials for the REIT annually that brought the status of the REIT to their attention regularly and never had any complaint with the dividend amount or the reinvestment of dividends.”
According to the Financial Industry Regulatory Authority, Dean Nowak holds 36 years of securities industry experience. Based in Winter Park, Florida, he is a representative of Infinity Financial Network, offering securities through Newbridge Securities Corporation. His past registrations include Taylor Capital Management (Winter Park, Florida; 2012-2019), Questar Capital Corporation (Winter Park, Florida; 2010-2011), Summit Brokerage Services (Winter Park, Florida; 2003-2010), Signator Investors (Boston, Massachusetts; 1983-2002), and John Hancock Mutual Life Insurance Company (Boston, Massachusetts; 1983-1987). His credentials include the passage of five securities industry qualifying examinations: the General Securities Principal Examination, or Series 24; the Uniform Combined State Law Examination, or Series 66; the Investment Company Products/Variable Contracts Representative Examination, or Series 6; the Securities Industry Essentials Examination, or SIE; and the General Securities Representative Examination, or Series 7. He is licensed in Delaware, Florida, New Mexico, and Pennsylvania. (Information current as of June 22, 2022.)
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